Your Guide to Prepare 2013 Income Tax Returns

17

Feb 2014

Your Guide to Prepare 2013 Income Tax Returns

From time to time I am asked about ways to prepare documents to help organize information and control the time and cost associated with filing tax returns. The key for me has always been not to wait too long and to deliver most, if not all, of your relevant information at one time. I understand sometimes there is a slow Schedule K-1 that holds you...

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Planning Leads to Success

07

Feb 2014

Successful Multi-Generational Family Insight – Family Business Succession Planning

  Successful Multi-Generational Family Insight When you take a look at the families that have been successful with transitioning the management of their business activities along with the skills to continue the activities of the family with a value system that rewards the efforts of the family, you will identify that the families work hard, at all levels, to develop a multi-generational team.  Many organizations...

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30

Jan 2014

Affordable Care Act – Effect on Individuals With Investment Income

Unearned income Medicare contributions tax—The Health Care and Reconciliation Act of 2010 imposes an annual 3.8 percent “unearned income Medicare contribution” tax annually beginning in 2013 on the lesser of: (1) net investment income from interest, dividends, annuities, royalties, rents and certain other income and gains not generated in the ordinary course of an active trade or business, or which is generated in a trade...

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29

Jan 2014

Affordable Care Act – Effect on Employers

The following are some of the key provisions impacting employers: Penalty taxes.—A penalty tax is imposed on employers with 50 or more full-time employees for failure to offer full-time employees an opportunity to enroll in minimum essential coverage under an employer-sponsored health plan. A penalty tax is also imposed if employees qualify for a premium tax credit or cost-sharing reductions or if employees are subject...

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15

Jan 2014

Pension Plans Contribution Limits

Cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS, effective January 1, 2014. In general, many of the pension plan limitations will change for 2014 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. The contribution limit for Code Sec....

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10

Jan 2014

Affordable Care Act -Facts to Consider – Part 1

Beginning in 2014, individuals are generally required to have minimum essential health coverage for themselves or their dependents. For every month that they do not have this minimum essential coverage, they will be subject to a penalty. There are circumstances where an individual will not be an applicable individual for purposes of the requirement, and where there are exceptions to the assessment of the penalty...

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05

Jan 2014

Affordable Care Act -Facts to Consider – Part 2

Health care reform is actually made up of two new laws: the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act (HCERA). U.S. Supreme Court. Immediately after Congress passed health care reform, several states challenged its constitutionality in the federal courts. In 2011, the Supreme Court agreed to hear the dispute. The justices heard several days of oral arguments...

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26

Nov 2013

Affordable Care Act – Effect on Itemizers of Medical Expense Deductions

Ten percent threshold for itemized medical expenses.—While the Patient Protection and Affordable Care Act is designed to encourage obtaining health care coverage, it reduces the ability to deduct any unreimbursed medical care expenses. Starting in 2013, the threshold for the itemized deduction of such expenses increases from 7.5 percent to 10 percent of adjusted gross income. For AMT purposes, the threshold remains at 10 percent....

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20

Nov 2013

Affordable Care Act Effect on Lower Income Individuals

Premium assistance credit for low income individuals.—Individuals whose incomes are up to four times the federal poverty line (or up to approximately $88,000 for a family of four), are not receiving Medicare, Medicaid, military or Peace Corp health coverage, and cannot otherwise afford to purchase health insurance may benefit from the Patient Protection and Affordable Care Act’s refundable health insurance premium assistance credit. Such low...

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